When me and my friends (both guys and girls) got together to watch the show on youtube , these were the sentiments that held almost universal approval:

Most beautiful/best body:
I adored Candice , she is always a standout and not only my favourite angel but my favourite model overall at the VSFS! To me she has THE MOST flawless face(well a tie with Doutzen!) , she’s angelic yet smouldering all the while. Her body is basically the epitome of perfection! She’s incredibly toned and slim with an amazing waist to hip ratio. Also I love her personality she seems sweet , genuine and not over the top. Listening to her speak is very soothing.

Cutest face/poses : Shu Pei , her look fits well with the pink aesthetic because she has that cutesy , pretty , yet charming girl next door appearance. I also feel that her warm/bubbly/sunny disposition is very much the perfect attitude that the pink girls should project. I also love her long long legs!

Most striking!
Shanina Shaik
One word: She’s so sensual and exotic looking yet still has mainstream appeal. Her body is out of this world amazing and her face is just pure seduction. Her eyes are hypnotizing! *_*

Source: lovevsmodels and zimbio

Others with noticeable mention:
Doutzen Kroes (Her face is probably the most classically beautiful out of the angels and yes it is pretty much flawless..+ her body was super toned and less 'buff' this year)
Adriana Lima ( People always go crazy over her)
Hilary Rhoda (She reminded me of a 90’s supermodel)
Constance Jablonski
Elsa Hosk (A lot of the guys were like , wow)
Barbara Palvin ( She wasn't that impressive int he show itself but when I showed people 'behind the scenes' shots of her , they were like she is so damn gorgeous!)
Sui He (not necessarily in the second segment but rather the silver screens segment , people were wowed!)

agreed on Candice, her body is so terrific and her hip movement is mezmerizing to me
but she does always look down the floor when I would like her to stare at the camera and kill us. And I still haven't seen one interview with her where she interested me.

for Barbara P, I was disappointed during the fashion show (but the outfit was tacky...) but I see bright future for her at VS. I LOVE her body and even more her face. She is still young but she is more promising than any of pink girls.

When seeing the line-up announcement at start of VSFS2012, it really felt like an all-white line up with way too many blondes to me. I still hope for an Asian angel at some point but I am not so impressed by Liu Wen or the others. Have to say I thought Shu Pei was really ubber cute at VS but she is not Angel material.

Whilst watching the VSFS with friends a lot of them did comment that there weren't enough Asian models or rather the Asian models they picked weren't 'sexy'. They said Sui He was "exotic and classically gorgeous" , Shu Pei was "cute and pretty" and Liu Wen was "meh but alright" , however their main complaint was that none were BOMBSHELL material. Although i love my Asian models I agreee !

I'd love to see VS have the high fashion Asians as well as the bombshell/curvy ones!
For example:

Jarah Mariano who's done so much VS yet hasn't been cast in the show , which baffles me because she has curves and a 'seductive' look.

Does anyone know when the current Angels' contracts expire and when they will be signing on new girls or renewing contracts? Looks like Barbara and Karlie are doing a lot of work for them. Also seems like Lindsay Ellingson is getting more attention.

They can always sign new girls regardless of how many people they already hired. Details of such deals are not thrown out for public knowledge, only the models, their agents, lawyers and the CEO's (Ed/Monica) hiring them would know the specifics but we can cue the speculation and "sources" in 5...4...3...